Banknewport Mortgage Rates, Fees & Info
Newport, RILEI: 549300RYJCJ7JPQ4RF20
Tax ID: 20-2633950
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Mortgage Data
Bank Data
Review & Overview
Banknewport is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Banknewport has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Providence, Boston, Vineyard Haven, Worcester, and Norwich among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Banknewport has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Banknewport is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.08% | 4/21/24 |
| 30 Year Conventional Purchase | 6.01% | 4/21/24 |
| 30 Year Conventional Refi | 6.05% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 30 Year FHA Purchase | 6.91% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.50% | 4/21/24 |
| 15 Year Conventional Refi | 5.95% | 4/21/24 |
| 15 Year Cash-out Refi | 5.95% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,072Origination Dollar Volume (All Markets)
$344,010,000Employee count
332Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1,041 | $327,965,000 | $315,048 | $2,876 | 3.36% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 20 | $11,960,000 | $598,000 | $3,760 | 3.27% |
| Vineyard Haven, MA (FHA|USDA|VA) | 2 | $1,350,000 | $675,000 | $4,543 | 3.31% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $3,754 | 3.25% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $3,189 | 3.04% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,128 | 3.31% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,132 | 3.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against BankNewport based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,063 | $341,565,000 | $321,322 | $2,848 | 3.36% |
| FHA | 9 | $2,445,000 | $271,667 | $8,244 | 3.13% |
For 2020, Banknewport's most frequently originated type of loan was Conventional, with 1,063 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
For 2020, Banknewport's most frequently cited loan purpose was Refi, with 401 originations. The 2nd most popular reason was Cash Out Refi, with 303 originations.
Loan Duration/Length
For 2020, Banknewport's most frequently cited loan duration was 30 Year, with 606 originations. The 2nd most popular length was 15 Year, with 190 originations.
Origination Fees/Closing Costs
Banknewport's average total fees were $3,483, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 751 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 726 | $249,820,000 | $344,105 |
| 2.5-3% | 270 | $73,630,000 | $272,704 |
| 4-5% | 65 | $17,855,000 | $274,692 |
| <2.5% | 10 | $2,420,000 | $242,000 |
| 5-6% | 1 | $285,000 | $285,000 |
During 2020, Banknewport's average interest rate for loans was 3.44%, while their most frequently originated rate bucket for loans was 3-4%, with 726 originations.
Loan Sizing
2020 saw Banknewport place emphasis on $200k-400k loans with 483 originations, totaling $139,865,000 in origination value.
Applicant Income
Banknewport lent most frequently to those with incomes in the $100k-150k range, with 242 originations. The second most popular income band? $150k-250k, with 225 originations.
Applicant Debt to Income Ratio
Banknewport lent most frequently to those with DTI ratios of 20-30%, with 255 originations. The next most common DTI ratio? 30-36%, with 195 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.78%
Banknewport has an average approval rate.
Pick Rate
Approvals leading to origination83.02%
Banknewport has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,072 | $344,010,000 | $320,905 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANC ONE MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Banknewport | 10 Washington Square Newport, RI 2840 | Full Service B&M | $223,404 |
| Banknewport | 1000 Division Street East Greenwich, RI 2818 | Full Service B&M | $45,923 |
| Banknewport | 130 Gate Road North Kingstown, RI 2852 | Full Service B&M | $10,375 |
| Banknewport | 1350 Ten Rod Road North Kingstown, RI 2852 | Full Service B&M | $54,038 |
| Banknewport | 1423 Hartford Ave. Johnston, RI 2919 | Full Service B&M | $22,359 |
| Banknewport | 1740 Main Road Tiverton, RI 2878 | Full Service B&M | $101,113 |
| Banknewport | 2628 East Main Road Portsmouth, RI 2871 | Full Service B&M | $148,863 |
| Banknewport | 31 Conanicus Avenue Jamestown, RI 2835 | Full Service B&M | $113,031 |
| Banknewport | 323 Market Street Warren, RI 2885 | Full Service B&M | $69,438 |
| Banknewport | 330 County Road Barrington, RI 2806 | Full Service B&M | $94,452 |
| Banknewport | 4000 Chapel View Blvd Cranston, RI 2920 | Full Service B&M | $77,542 |
| Banknewport | 5 South Angell St. Providence, RI 2906 | Full Service B&M | $15,370 |
| Banknewport | 528 West Main Road Middletown, RI 2842 | Full Service B&M | $335,501 |
| Banknewport | 55 Dorrance St. Providence, RI 2903 | Full Service B&M | $25,486 |
| Banknewport | 6 Gooding Avenue Bristol, RI 2809 | Full Service B&M | $96,580 |
| Banknewport | 614 Main Road Tiverton, RI 2878 | Full Service B&M | $95,747 |
| Banknewport | 730 Centre Of New England Boulevard Coventry, RI 2816 | Full Service B&M | $25,929 |
| Banknewport | 90 Point Judith Road Narragansett, RI 2882 | Full Service B&M | $64,672 |
For 2020, Banknewport had 18 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $73,507 |
| Net interest income | $59,767 |
| Total noninterest income | $26,881 |
| Gross Fiduciary activities income | $451 |
| Service charges on deposit accounts | $2,248 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $24,182 |
| Pre-tax net operating income | $21,092 |
| Securities gains (or losses, -) | $602 |
| Income before extraordinary items | $17,072 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,072 |
| Minority interest net income | $0 |
| Net income | $17,072 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $16,596 |
Banknewport's gross interest income from loans was $73,507,000.
Banknewport's net interest income from loans was $59,767,000.
Banknewport's fee based income from loans was $2,248,000.
Banknewport's net income from loans was $17,072,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $13,740 |
| Provision for credit losses | $7,755 |
| Total noninterest expense | $57,801 |
| Salaries and employee benefits | $35,005 |
| Premises and equipment expense | $6,825 |
| Additional noninterest expense | $15,971 |
| Applicable income taxes | $4,622 |
| Net charge-offs | $4,109 |
| Cash dividends | $0 |
Banknewport's interest expense for loans was $13,740,000.
Banknewport's payroll and benefits expense were $35,005,000.
Banknewport's property, plant and equipment expenses $6,825,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 2.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $1,714,967 |
| Deposits held in domestic offices | $1,714,967 |
| Deposits by Individuals, partnerships, and corporations | $1,675,864 |
| Deposits by U.S. Government | $408 |
| Deposits by States and political subdivisions in the U.S. | $32,118 |
| Deposits by Commercial banks and other depository institutions in U.S. | $6,577 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $295,846 |
| Demand deposits | $267,570 |
| Nontransaction accounts | $1,419,121 |
| Money market deposit accounts (MMDAs) | $418,475 |
| Other savings deposits (excluding MMDAs) | $614,464 |
| Total time deposits | $386,182 |
| Total time and savings deposits | $1,447,397 |
| Noninterest-bearing deposits | $441,521 |
| Interest-bearing deposits | $1,273,446 |
| Retail deposits | $1,621,238 |
| IRAs and Keogh plan accounts | $61,909 |
| Brokered deposits | $4,751 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $2,057,831 |
| Cash & Balances due from depository institutions | $103,833 |
| Interest-bearing balances | $82,135 |
| Total securities | $249,508 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,611,705 |
| Loan and leases loss allowance | $17,180 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $31,750 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $8,754 |
| All other assets | $52,281 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $2,057,831 |
| Total Liabilities | $1,838,593 |
| Total deposits | $1,714,967 |
| Interest-bearing deposits | $1,273,446 |
| Deposits held in domestic offices | $1,714,967 |
| % insured (estimated) | $76 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $106,217 |
| Subordinated debt | $0 |
| All other liabilities | $17,409 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,611,705 |
| Loan and leases loss allowance | $17,180 |
| Total loans and leases (domestic) | $1,628,885 |
| All real estate loans | $1,255,253 |
| Real estate loans in domestic offices | $1,255,253 |
| Construction and development loans | $67,213 |
| Residential 1-4 family construction | $13,910 |
| Other construction, all land development and other land | $53,303 |
| Loans secured by nonfarm nonresidential properties | $486,732 |
| Nonfarm nonresidential secured by owner-occupied properties | $146,189 |
| Commercial real estate & other non-farm, non-residential | $340,543 |
| Multifamily residential real estate | $75,755 |
| 1-4 family residential loans | $625,553 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $149 |
| Commercial and industrial loans | $301,495 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $55,860 |
| Credit card loans | $0 |
| Related Plans | $386 |
| Consumer Auto Loans | $163 |
| Other loans to individuals | $55,311 |
| All other loans & leases | $16,128 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $16,128 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $14,397 |
| Non 1-4 family restructured loans & leases | $13,166 |
| Total loans and leases (foreign) | $0 |
BankNewport had $1,611,705,000 of loans outstanding in 2020. $1,255,253,000 of loans were in real estate loans. $67,213,000 of loans were in development loans. $75,755,000 of loans were in multifamily mortgage loans. $625,553,000 of loans were in 1-4 family mortgage loans. $149,000 of loans were in farm loans. $0 of loans were in credit card loans. $163,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 564 | $133,902 | $237,415 |
| Nonfarm, nonresidential loans - <$100k | 67 | $2,085 | $31,119 |
| Nonfarm, nonresidential loans - $100-250k | 214 | $27,794 | $129,879 |
| Nonfarm, nonresidential loans - $250k-1MM | 283 | $104,023 | $367,572 |
| Commercial & Industrial, US addressed loans - <$1MM | 2,100 | $150,058 | $71,456 |
| Commercial & Industrial, US addressed loans - <$100k | 1,581 | $44,315 | $28,030 |
| Commercial & Industrial, US addressed loans - $100-250k | 326 | $41,799 | $128,218 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 193 | $63,944 | $331,316 |
| Agriculture operations loans - <$1MM | 3 | $148 | $49,333 |
| Agriculture operations loans - <$100k | 3 | $148 | $49,333 |